Section one: Contracting authority
one.1) Name and addresses
Department for Education
Sanctuary Buildings, 20, Great Smith Street
London
SW1P 3BT
Country
United Kingdom
Region code
UK - United Kingdom
Internet address(es)
Main address
https://www.gov.uk/government/organisations/department-for-education
one.4) Type of the contracting authority
Ministry or any other national or federal authority
one.5) Main activity
Education
Section two: Object
two.1) Scope of the procurement
two.1.1) Title
Junior ISAs 2023 FTS
two.1.2) Main CPV code
- 66100000 - Banking and investment services
two.1.3) Type of contract
Services
two.1.4) Short description
Junior ISAs (JISA’s) and Child Trust Funds (CTF’s) are long term tax-advantaged saving accounts for children up to the age of 18. Children are eligible for a JISA if they are under 18, resident in the UK, and not eligible for a CTF. Anyone can pay money into the accounts, but the funds cannot then be accessed by the account holder until their 18th birthday (or are terminally ill). At 18, the account will mature into a standard (adult) ISA or the funds will be withdrawn. Children looked after for 12 months or more and not eligible for a Child Trust Fund (CTF) are entitled to a £200 payment from the government into a Junior ISA.
The supplier will ensure eligible children receive the payments due to them under the JISA scheme: by acquiring the necessary data from LAs, opening JISAs for those children, making payments into these JISAs, and providing information about the JISAs opened and payments made to LAs, CiC and their carers. The supplier invoices the DfE on a two-weekly basis for the numbers of JISAs opened and submits invoices quarterly to the DfE to cover payments for administration of the scheme. The delivery partner’s role will also involve:
• Fund Management
• Management Reporting and Data Requests
• IT infrastructure
• Delivery of financial education
• Fundraising for additional donations
In addition to the contract, a separate Grant Funding Agreement will be put in place between the Department for Education and the successful delivery partner. This will enable payments of £200 to be made into each new JISA that is opened.
two.1.6) Information about lots
This contract is divided into lots: No
two.1.7) Total value of the procurement (excluding VAT)
Value excluding VAT: £1,893,519.20
two.2) Description
two.2.3) Place of performance
NUTS codes
- UK - United Kingdom
two.2.4) Description of the procurement
Junior ISAs (JISA’s) and Child Trust Funds (CTF’s) are long term tax-advantaged saving accounts for children up to the age of 18. Children are eligible for a JISA if they are under 18, resident in the UK, and not eligible for a CTF. Anyone can pay money into the accounts, but the funds cannot then be accessed by the account holder until their 18th birthday (or are terminally ill). At 18, the account will mature into a standard (adult) ISA or the funds will be withdrawn. Children looked after for 12 months or more and not eligible for a Child Trust Fund (CTF) are entitled to a £200 payment from the government into a Junior ISA.
The supplier will ensure eligible children receive the payments due to them under the JISA scheme: by acquiring the necessary data from LAs, opening JISAs for those children, making payments into these JISAs, and providing information about the JISAs opened and payments made to LAs, CiC and their carers. The supplier invoices the DfE on a two-weekly basis for the numbers of JISAs opened and submits invoices quarterly to the DfE to cover payments for administration of the scheme. The delivery partner’s role will also involve:
• Fund Management
• Management Reporting and Data Requests
• IT infrastructure
• Delivery of financial education
• Fundraising for additional donations
In addition to the contract, a separate Grant Funding Agreement will be put in place between the Department for Education and the successful delivery partner. This will enable payments of £200 to be made into each new JISA that is opened.
two.2.5) Award criteria
Price
two.2.11) Information about options
Options: Yes
Description of options
2x1 year options to extend
2027-2028
2028-2029
two.2.13) Information about European Union Funds
The procurement is related to a project and/or programme financed by European Union funds: No
Section four. Procedure
four.1) Description
four.1.1) Type of procedure
Open procedure
four.1.8) Information about the Government Procurement Agreement (GPA)
The procurement is covered by the Government Procurement Agreement: Yes
four.2) Administrative information
four.2.1) Previous publication concerning this procedure
Notice number: 2022/S 000-028127
Section five. Award of contract
Contract No
con_19694
Title
Junior ISAs 2023 FTS
A contract/lot is awarded: Yes
five.2) Award of contract
five.2.1) Date of conclusion of the contract
31 March 2023
five.2.2) Information about tenders
Number of tenders received: 1
The contract has been awarded to a group of economic operators: No
five.2.3) Name and address of the contractor
The Share Foundation
Ayelsbury
Country
United Kingdom
NUTS code
- UK - United Kingdom
The contractor is an SME
Yes
five.2.4) Information on value of contract/lot (excluding VAT)
Total value of the contract/lot: £1,893,519.20
Section six. Complementary information
six.4) Procedures for review
six.4.1) Review body
Department for Education
London
Country
United Kingdom